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Wordpress: Customized Excerpt (Length and Tags)

This is a modified version of one from Aaron Russell. Super handy, allows you to pass the length as a parameter, and define the tags you wish to allow in the excerpt. It is tweaked to fit our needs. Tweaks include:
- no need to "echo", just called customexcerpt ();
- Can pass the length as a parameter customexcerpt (81);